Paper maker Stora Enso posts weak profit and outlook
HELSINKI, Feb 2 (Reuters) – Finnish pulp, paper and packaging board maker Stora Enso said on Friday its quarterly core profit fell more than expected and gave a weak forecast for the start of the year, citing low pulp prices and ramp-up costs in China.
Shares in the company fell as much as 9 percent after the report which showed that adjusted operating profit in the quarter fell 21 percent to 191 million euros ($205 million), compared to 213 million euros in a Reuters poll of analysts.
For the first quarter of 2017, Stora said it expects sales and profits to be in line with that of the fourth quarter.
“Typically Q1 is stronger than Q4 for them, and considering the Q4 miss, this guidance is very soft,” said analyst Markku Jarvinen at Evli brokerage, with a “buy” rating on the stock